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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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May 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of (loss) earnings before income taxes are as follows:
(In millions) | 2025 |  | 2024 |  | 2023
Domestic | $ | (132.8) |  |  | $ | (24.8) |  |  | $ | (90.3) |
Foreign | 110.9 |  |  | 124.5 |  |  | 141.7 |
Total | $ | (21.9) |  |  | $ | 99.7 |  |  | $ | 51.4 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consists of the following:
(In millions) | 2025 |  | 2024 |  | 2023
Current: | Domestic - Federal | $ | 15.8 |  |  | $ | 10.8 |  |  | $ | 4.2 |
| Domestic - State | 5.9 |  |  | 7.4 |  |  | 2.2 |
| Foreign | 34.7 |  |  | 34.6 |  |  | 42.3 |
|  | 56.4 |  |  | 52.8 |  |  | 48.7 |
Deferred: | Domestic - Federal | (28.4) |  |  | (22.2) |  |  | (32.5) |
| Domestic - State | (6.1) |  |  | (6.5) |  |  | (4.4) |
| Foreign | (10.3) |  |  | (9.4) |  |  | (7.3) |
|  | (44.8) |  |  | (38.1) |  |  | (44.2) |
Total income tax provision | $ | 11.6 |  |  | $ | 14.7 |  |  | $ | 4.5 |
Schedule of Effective Income Tax Rate Reconciliation | The following table represents a reconciliation of income taxes at the United States statutory rate of 21% with the effective tax rate as follows:
(In millions) | 2025 |  | 2024 |  | 2023
Income taxes computed at the United States Statutory rate | $ | (4.6) |  |  | $ | 20.9 |  |  | $ | 10.8 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes, net of federal income tax benefit | — |  |  | 0.4 |  |  | (1.0) |
Non-deductible goodwill impairment | 19.5 |  |  | — |  |  | — |
Non-deductible officers' compensation | 2.8 |  |  | 1.1 |  |  | 0.9 |
Foreign-derived intangible income | (3.1) |  |  | (2.4) |  |  | (1.7) |
Foreign-based company income | 5.1 |  |  | 3.8 |  |  | 5.1 |
Global intangible low-taxed income | 8.3 |  |  | 8.1 |  |  | 9.4 |
Foreign statutory rate differences | 2.5 |  |  | 3.1 |  |  | 2.3 |
Research and development incentives | (6.0) |  |  | (7.1) |  |  | (4.0) |
Foreign offshore income claim | (1.5) |  |  | (1.0) |  |  | (0.7) |
Federal return to provision adjustments | (1.6) |  |  | (1.8) |  |  | (4.1) |
Foreign return to provision adjustments | (0.1) |  |  | (2.5) |  |  | 1.1 |
Foreign tax credit | (12.9) |  |  | (12.1) |  |  | (15.6) |
Foreign withholding taxes and other miscellaneous foreign taxes | 2.9 |  |  | 1.1 |  |  | 1.2 |
Change in valuation allowance against deferred tax assets | 1.1 |  |  | 2.5 |  |  | 1.3 |
Other, net | (0.8) |  |  | 0.6 |  |  | (0.5) |
Income tax expense | $ | 11.6 |  |  | $ | 14.7 |  |  | $ | 4.5 |
Effective tax rate | (53.1) | % |  | 14.8 | % |  | 8.8 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects and types of temporary differences that give rise to significant components of the deferred tax assets and liabilities at May 31, 2025, and June 1, 2024, are as follows:
(In millions) | 2025 |  | 2024
Deferred tax assets: |  |  |
Compensation-related accruals | $ | 19.2 |  |  | $ | 16.5 |
Capitalized research and experimental costs | 40.5 |  |  | 32.4 |
Accrued pension and post-retirement benefit obligations | 0.3 |  |  | 1.3 |
Deferred revenue | 8.2 |  |  | 6.1 |
Inventory related | 13.5 |  |  | 13.4 |
Other reserves and accruals | 10.5 |  |  | 9.4 |
Warranty | 16.3 |  |  | 16.8 |
State and local tax net operating loss carryforwards and credits | 4.3 |  |  | 5.7 |
Federal net operating loss carryforward | 0.9 |  |  | 3.0 |
Federal and state nondeductible interest expense carryforward | 26.0 |  |  | 18.7 |
Foreign tax net operating loss carryforwards and credits | 22.5 |  |  | 18.0 |
Lease liability | 107.0 |  |  | 96.6 |
Other | 5.5 |  |  | 6.4 |
Subtotal | 274.7 |  |  | 244.3 |
Valuation allowance | (16.9) |  |  | (15.4) |
Total | $ | 257.8 |  |  | $ | 228.9 |
Deferred tax liabilities: |  |  |
Book basis in property in excess of tax basis | $ | 48.5 |  |  | $ | 55.1 |
Intangible assets | 178.5 |  |  | 189.7 |
Interest rate swap | 6.5 |  |  | 15.2 |
Right of use lease assets | 92.5 |  |  | 85.3 |
Withholding taxes on planned repatriation of foreign earnings | 3.5 |  |  | 3.7 |
Other | 2.6 |  |  | 4.4 |
Total | $ | 332.1 |  |  | $ | 353.4 |
Schedule of Unrecognized Tax Benefits | The components of the Company's unrecognized tax benefits are as follows:
(In millions) |
Balance at June 3, 2023 | $ | 1.6 |
Increases related to prior year income tax positions | 0.2 |
Decreases related to lapse of applicable statute of limitations | (0.3) |
Balance at June 1, 2024 | $ | 1.5 |
Increases related to current year income tax positions | 0.7 |
Increases related to prior year income tax positions | 0.1 |
Decreases related to lapse of applicable statute of limitations | (0.4) |
Decreases related to settlements | (0.3) |
Balance at May 31, 2025 | $ | 1.6 |
Schedule of Unrecognized Tax Benefits, Interest, Penalties and Related Liability | Interest and penalties and the related liability, which are excluded from the table above, were as follows for the periods indicated:
(In millions) | May 31, 2025 |  | June 1, 2024 |  | June 3, 2023 |  |
Interest and penalty (income) expense | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | (0.2) |  |  |
Liability for interest and penalties | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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